IndiGo Signs $2.6 Billion Aircraft Financing Deal With China's ICBC

30 Airbus A320 Planes Valued at $2.6 Billion

NEW DELHI—Indian budget airline IndiGo signed Wednesday an initial pact with Industrial & Commercial Bank of China Ltd. to finance the purchase of more than 30 Airbus A320 planes valued at about $2.6 billion.

The agreement comes at a time when Chinese President Xi Jinping is in India on a three-day visit that started Wednesday. Agreements for China to invest billions of dollars for the development of infrastructure and industry in India are expected to be signed between the two neighboring countries.